U.S. Movers: Apollo Group, Best Buy, Cascade, Dollar General

Mukesh Buch
25 Mar, 2013
New York City

Apollo Group second quarter net plunged 79%. Best Buy co-founder Richard Schulze has returned as chairman emeritus. Cascade fourth quarter net tumbled 57%. Dollar General fourth quarter net surged 9% to $317.4 million.

[R]10:45 AM New York – Apollo Group second quarter net plunged 79%. Best Buy co-founder Richard Schulze has returned as chairman emeritus. Cascade fourth quarter net tumbled 57%. Dollar General fourth quarter net surged 9% to $317.4 million.[/R]

Apollo Group, Inc. ((APOL)) surged 7.3% or $1.25 to $18.28 after the private education provider reported net revenue in the second quarter ending on February 28 dropped 13.3% to $834.4 million. Net income in the quarter plunged 79% to $13.5 million or 12 cents a diluted share compared to $63.9 million or 51 cents.

Apollo said total enrollment at the company’s University of Phoenix fell 15% to 300,800 from a year ago and new enrollment declined 20% to 38,900.

Best Buy Co., Inc. ((BBY)) gained 1.8% or 42 cents to $23.20 after the electronics retailer said the founder Richard Schulze returning to the company as chairman emeritus and nominated Brad Anderson and Al Lenzmeier to serve as board of directors pursuant to earlier disclosed agreement between the company and Schulze.

Cascade Corporation ((CASC)) fell 4 cents to $64.79 after the materials handling equipments maker said net sales in the fourth quarter ending in January fell 2% to $123.6 million. Net income in the quarter tumbled 57% to $5.71 million or 50 cents a diluted share compared to $13.2 million or $1.16.

Dollar General Corporation ((DG)) increased 1.6% or 85 cents to $50.92 after the deep discount retailer said net sales in the fourth quarter ending on February 1 edged up to $4.21 billion. Comparable sales in the quarter rose 3%.

Net income in the quarter surged 9% to $317.4 million or 97 cents a diluted share compared to $292.5 million or 85 cents.

The company added operating income in the quarter increased 3% to $522.3 million.

For the current fiscal year, the discount retailer expects total sales to grow between 10% and 12% and same-store sales to increase 4% to 6% and diluted earnings per share in the range of $3.15 to $3.30.

CBS Corporation ((CBS)) slipped 15 cents to $45.83 after the media company plans to buy a 50% stake in TV Guide Network for $100 million.